Trading activity for the first day of the week on the Malta Stock Exchange started on a negative note as the Index dropped by 0.8 per cent to close at 3,155.4 points.
FIMBank was the session's worst performer as the equity dropped by 8c3 of a dollar or seven per cent to terminate at $1.117. The bank was trading at an intra-day high of $1.20 when selling pressure pushed the price lower at its current standing.
Elsewhere in the banking sector there were no further losers as HSBC Bank Malta registered a marginal increase to its share value of 1c or 0.4 per cent to terminate at €2.81. The financial services company was the day's most actively traded equity as investors exchanged 9,438 shares over seven deals.
Bank of Valletta registered no movement in its share price during the session as it closed unchanged at €3.35. Turnover in the bank consisted of 4,651 shares swapped over six deals.
International Hotel Investments saw the value of its share price decline during the day as it lost 3c or 3.4 per cent to close at €0.85. Trading activity in the hotel property and management company was spread over 17,088 shares across two deals for a market consideration of €14,524.
On the contrary, Go was the session's best performer as the equity rose by 2c which equates to an increase of 1.3 per cent to terminate at €1.60.
The week ahead - Economic indicators for week starting October 19
The economic indicators for the week ahead will feature important third-quarter Gross Domestic Product data in the United Kingdom and an expected rebound for the eurozone's manufacturing sector.
In the US, producer price inflation excluding food and energy for September is expected to be at 0.1 per cent. Furthermore, minutes of the Federal Open Market Committee highlighted a pick-up of core intermediate producer prices over the three months ending in August. Meanwhile, falling jobless claims and surging equities are forecast to lead the Index of Leading Indicators to its sixth consecutive monthly advance for September at 0.9 per cent. In the housing market, an index of pending home sales has September existing home sales in position for its anticipated best monthly result since August 2007.
On our side of the Atlantic, manufacturing activity is expected to enter into expansionary territory to a reading of 50 for October from its prior 49.3 in September. Consensus predicts that the composite Purchasing Managers' Index, which includes activity in both the manufacturing and services sector, will continue to register an increase. In Germany, the Ifo business climate is expected to have risen slightly, while producer prices are predicted to have remained weak.
In the UK, on Wednesday the minutes of the Bank of England's Monetary Policy Committee will be published. Retail sales volumes in the UK are expected to have increased slightly by 0.5 per cent in September. However, sales are anticipated to remain weak through the remainder of 2009 as unemployment and muted wage growth restrain discretionary spending. Meanwhile, Gross Domestic Product results for the third quarter that will be published on Friday should reflect that the British economy is picking up even though prospects for a quick recovery remain poor.
This article has been prepared by Bank of Valletta p.l.c. (the Bank), which is licensed to conduct investment services business by the MFSA, for your general information only. This information is not a solicitation or offer by the Bank to acquire or sell securities. Nor does it constitute any form of advice by the Bank. Appropriate advice should be obtained before making any such decision. Past performance is not necessarily a guide to future performance and the value of your investments may fall or rise.